Announcing the Best Banks of 2017

Andrew DePietro

1 year ago

Dragana Gordic / Shutterstock.com

Deciding where to bank in 2017 is more important than ever. The Federal Reserve remains ambiguous on interest rates; a new and unpredictable president-elect officially takes office in January; and, on top of it all, nearly 70 percent of Americans have less than $1,000 in savings. In such a financial climate, you can’t take chances when it comes to your money or how to make it work for you.

To help make your financial life easier in 2017, GOBankingRates conducted its annual study of national banks, online banks and bank account types to find those that offer you the best deals, as well as the best fit for your financial goals. The GOBankingRates’ Best Banks of 2017 study evaluated a total of 100 banks based on a range of criteria in order to come up with the top banks and bank accounts for the new year. Whether you’re looking for a high yield or for convenience, here you can find banks that have features and benefits to can help you grow your money — rather than just store it.

Here are the best banks of 2017 to help start your new year on the right financial footing.

Ranking the Best Banks of 2017

In the Best Banks of 2017 study, GOBankingRates compiled a list of the top 100 FDIC-insured banks by asset size that offer products nationally in the U.S. The study evaluated and ranked the banks on different factors, with the best banks offering the most favorable experience to customers. These 100 banks were ranked to find the top 10 in six categories:

Based on the rankings, GOBankingRates compiled a list of 29 banks that landed in the top 10 across the six categories. Here are the best banks of 2017:

Ally Bank

Chase Bank

Nationwide Bank

AloStar Bank of Commerce

CIT Bank

PNC Bank

American Express Bank

Citibank

Regions Bank

Bank of America

Discover Bank

Sallie Mae Bank

Bank of Internet USA

EverBank

Synchrony Bank

Bank5 Connect

First Internet Bank

TD Bank

Barclays Bank Delaware

FNBO Direct

TIAA Direct

Branch Banking and Trust Company

HSBC Bank USA

U.S. Bank

Capital One Bank (USA)

iGObanking.com

Wells Fargo Bank

Charles Schwab Bank

Incredible Bank

The following are details on how the banks were assessed and selected for each category. This year the study includes some honorable mentions, awarded in the category of Editors’ Pick.

Best National Banks

Methodology: To determine its Best National Brick-and-Mortar Banks category ranking, GOBankingRates examined the top 72 national banks by asset size according to the FDIC, excluding non-active institutions, investment banks and any institutions that require customers to use investment services to access commercial bank accounts.

Criteria for ranking: GOBankingRates scored the banks from most to least favorable on the following factors: (1) checking account fee, (2) savings account APY, (3) 12-month certificate of deposit APY and (4) BauerFinancial Star Rating for overall financial strength. Banks were then scored according to whether they offered each of the following services, all of which contributed to a single weighting: (5) auto loans, (6) mortgage loans, (7) credit cards, (8) investment services and (9) insurance services. Next, banks were scored according to accessibility factors: (10) overall geographic presence, (11) mobile banking and (12) 24/7 customer service with a live person. Banks were then ranked according to their total score and then by the specific number of states they have physical branches in.

Data was compiled via the GOBankingRates interest rate database and verified against the individual institutions’ websites between Oct. 11 and Oct. 26, 2016. Rates, terms and conditions are subject to change at the discretion of the individual financial institutions.

Best Online Banks

Methodology: To determine its Best Online Banks ranking, GOBankingRates examined 28 online-only banks that offer products nationally according to the GOBankingRates and FDIC databases, excluding online products offered by institutions with a physical, retail banking presence. No asset threshold was consulted for online-only banks.

Criteria for ranking: GOBankingRates scored each online-only bank from most to least favorable on the following factors: (1) checking account fee, (2) savings account annual percentage yield, (3) 12-month certificate of deposit APY and (4) BauerFinancial Star Rating for overall financial strength. Banks were then scored according to whether they offered the following services, all of which contributed to a single weighting: (5) 24/7 customer service available by phone, (6) live chat service via website with a person, (7) mobile app and (8) remote check deposit. Banks were ranked according to their overall score.

Data was compiled from and verified against BauerFinancial and the individual institutions’ websites between Oct. 11 and Oct. 26, 2016. Rates, terms and conditions are subject to change at the discretion of the individual financial institutions.

Best Checking Accounts

Methodology:To compile its list of the top 100 banks, GOBankingRates surveyed the FDIC’s list of banks sorted by asset size, excluding non-active institutions, investment banks and any institutions that require customers to use investment services to access commercial bank accounts. This list of 100 banks includes 72 brick-and-mortar banks and 28 online-only banks, according to the GOBankingRates database. No asset threshold was consulted for online-only banks.

Criteria for ranking: To determine its Best Checking Accounts category ranking, GOBankingRates scored each bank’s basic, personal checking account from most to least favorable on the following factors: (1) minimum deposit to open the checking account, (2) monthly maintenance fee, (3) minimum balance to avoid a fee, (4) annual percentage yield and (5) nonsufficient funds fee. Monthly maintenance fee and APY were weighted more heavily than other ranking factors, and accounts were then ranked by overall score.

Data was compiled from and verified against the individual institutions’ websites between Oct. 11 and Oct. 26, 2016. Rates, terms and conditions are subject to change at the discretion of the individual financial institutions. APY was based on the minimum deposit required to open the account. Some interest rates might be short-term or promotional offers only, and it is possible additional terms and conditions must be met in order to obtain the interest rates listed. Rates and availability might vary by region. Please verify terms and conditions before opening an account.

Best Savings Accounts

Methodology: To compile its list of the top 100 banks, GOBankingRates surveyed the FDIC’s list of banks sorted by asset size, excluding non-active institutions, investment banks and any institutions that require customers to use investment services to access commercial bank accounts. This list of 100 banks includes 72 brick-and-mortar banks and 28 online-only banks, according to the GOBankingRates database. No asset threshold was consulted for online-only banks.

Criteria for ranking: To determine its Best Savings Accounts category ranking, GOBankingRates scored each bank’s basic, personal savings account from most to least favorable on the following factors: (1) minimum deposit to open the savings account, (2) monthly maintenance fee, (3) minimum balance to avoid a fee and (4) annual percentage yield. APY was weighted more heavily than other ranking factors, and accounts were then ranked by overall score.

Data was compiled from and verified against the individual institutions’ websites between Oct. 11 and Oct. 26, 2016. Rates, terms and conditions are subject to change at the discretion of the individual financial institutions. APY was based on the minimum deposit required to open the account. Some interest rates might be short-term or promotional offers only, and it is possible additional terms and conditions must be met in order to obtain the interest rates listed. Rates and availability might vary by region. Please verify terms and conditions before opening an account.

Best CD Accounts

Methodology: To compile its list of the top 100 banks, GOBankingRates surveyed the FDIC’s list of banks sorted by asset size, excluding non-active institutions, investment banks and any institutions that require customers to use investment services to access commercial bank accounts. This list of 100 banks includes 72 brick-and-mortar banks and 28 online-only banks, according to the GOBankingRates database. No asset threshold was consulted for online-only banks.

Criteria for ranking: To determine its Best CD Accounts category ranking, GOBankingRates evaluated each institution’s 12-month certificate of deposit product and five-year CD product. If the bank did not offer a 12-month or five-year CD, then the next-closest CD term length was selected for evaluation. GOBankingRates scored the CD accounts from most to least favorable on the following factors: (1) minimum deposit to open a CD, (2) annual percentage yield for a 12-month CD and (3) APY for a five-year CD. APY for a 12-month CD and APY for a five-year CD were weighted more heavily than other ranking factors, and accounts were then ranked by overall score.

Data was compiled from and verified against the individual institutions’ websites between Oct. 11 and Oct. 26, 2016. Rates, terms and conditions are subject to change at the discretion of the individual financial institutions. APY was based on the minimum deposit required to open the account. Some interest rates might be short-term or promotional offers only, and it is possible additional terms and conditions must be met in order to obtain the interest rates listed. Rates and availability might vary by region. Please verify terms and conditions before opening an account.

Editors’ Picks

Methodology:To determine the two editors’ picks for each category, the nine finalists in the savings, checking, certificate of deposit, online bank, and national brick-and-mortar bank categories were reviewed for standout factors. The editors’ pick symbolizes that that bank excelled in a certain area over the rest of the nine finalists.

Data was compiled via the GOBankingRates interest rate database and verified against the individual institutions’ websites between Oct. 11 and Oct. 26, 2016. Rates, terms and conditions are subject to change at the discretion of the individual financial institutions.

Full Best Banks Rankings Announced Jan. 9, 2017

The full top 10 rankings for each category will be announced Jan. 9, 2017. GOBankingRates will publish an article on each of the category rankings, as well as features on the winners in each category outlining what makes each bank a top pick for 2017.

The full findings will be presented with useful tools such as an infographic and video to help consumers know how to find the best bank for their financial needs in 2017, as well as coverage of the latest banking tech trends and tips for readers to do more with their money.

Some banks in the 2017 rankings also might have earned high marks last year in the Best Banks of 2016 rankings. See which ones consistently offer great banking products and services:

GOBankingRatesis a personal finance and consumer interest rate website owned byConsumerTrack, Inc.,an online marketing company serving top-tier banks, credit unions, and other financial services organizations. Some banks mentioned in the Best Banks of 2017 survey are clients of ConsumerTrack, Inc., which serves more than 100 national, local and online financial institutions. Rankings are completely objective, and no institution, client or otherwise, paid for inclusion or specific placement.

Editorial Note: This content is not provided by American Express. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone and have not been reviewed, approved or otherwise endorsed by American Express.